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Informist, Wednesday, Jun. 3, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Concord Biotech up 21% after US FDA OK to Mycophenolate mofetil  

MUMBAI--1146 IST--Shares of Concord Biotech rose 21% to a three-month high of INR 1,273 a day after the company received the US Food and Drug Administration's approval for Mycophenolate mofetil USP. The stock rose for the third consecutive session Wednesday and has gained around 21% during the period. 

Mycophenolate mofetil USP is used to prevent organ rejection in patients who have received kidney, heart, or liver transplant, in combination with other immunosuppressants. The drug has a market size of about $30 million in the US, Concord Biotech said.

At 1143 IST, shares of Concord Biotech traded nearly 8% higher at INR 1,256.90. Over four million shares of the company changed hands on NSE, six times higher than the number of shares traded till the same time Tuesday.  (Adhithya Aji)

Equity Alert: IT cos snap 3-day rising streak; Nifty IT down 5%, TCS 8%

MUMBAI--1140 IST--After rallying for the past three sessions, the Nifty IT index pared its gains Wednesday. All constituents of the Nifty IT fell, and the index was the top loser among its sectoral peers. Tata Consultancy Services, down over 8%, was the major loser in the Nifty 50, Nifty 200, and Nifty 500 indices.

"Global brokerages are coming out with some notes to clients, where they are talking about the AI-based disruption happening currently, and this has led to a sell-off," said Rishubh Vasa, IT sector research analyst at Indsec Securities & Finance. "There has been a rally and because of that a cool-off is seen."

At its analyst meeting Tuesday, LTM said it targetted around 2 times revenue by 2030-31 (Apr-Mar), which implies a compound annual growth rate of around 15% with an earnings before interest, tax, depreciation, and amortisation margin expansion of nearly 200 basis points. "It expects revenue growth to be broadly consistent throughout this period, barring lumpy M&As (mergers and acquisitions)," Emkay Global Financial Services said in the company's analyst meet update report.

"The management expects net AI-led compression to be $0.3 trillion. However, this is likely to be negated by anticipated growth through platformized services adding around $0.5 trillion and nearly $0.8 trillion from new business AI and AI-led digital engineering services," according to Emkay's report.

At 1112 IST, LTM, Persistent Systems, Coforge, Tech Mahindra, HCL Technologies, Infosys, Mphasis, Wipro, and Oracle Financial Services were 2.2–7.6% lower. The Nifty IT index was down 5%. The index gained nearly 8% during its previous three sessions.  (Arundathi A R)

Equity Alert: ITC needs to up cigarette costs by 35%, says Motilal Oswal

MUMBAI--1105 IST--"Classic" cigarette seller ITC plans calibrated price hikes to offset the hit from high taxes. Costs for cigarette players have gone up, given the hike in excise duty in addition to the already-implemented reforms in goods and services tax. Initially, the company is likely to focus on steady price increases to become tax-neutral while protecting its market share among legal players, Motilal Oswal Financial Services said in a report. It would need to raise prices by over 35% across its portfolio to be neutral in earnings before interest and taxes. At 1101 IST, shares of ITC were down more than 2% at INR 276.50 on the NSE. 

Volatility in cigarette volumes and earnings before interest and taxes are likely to moderate after this initial phase, Motilal Oswal said. However, the brokerage is still uncertain about the company's cigarette business since revisions in market retail prices are still going on. "...the extent of consumer acceptance for revised prices will be a key monitorable," the brokerage said. Motilal Oswal pencilled in a 15% decline in sales for ITC's cigarette segment and a 19% dip in EBIT for 2026-27 (Apr-Mar).

Only after the initial phase can the company's standing among illegal and legal players be assessed, the broking firm said. The unprecedented price hike makes it difficult to gauge the degree of fall in the cigarette industry's volumes going forward. Motilal Oswal said ITC's cigarette business is likely to see its EBIT at a compounded annual rate of around (-) 8% between FY26 and FY28. Volumes, meanwhile, are seen falling by 10% in FY27 and being flat in FY28.

Meanwhile, ITC's fast-moving consumer goods' others division is strong, Motilal Oswal noted. The brokerage sees this segment growing at a compounded annual rate of 10% between FY26 and FY28. Motilal Oswal also sees the company's paperboards business to improve despite pricing pressure from China. The firm pegged the segment to grow at a compounded annual rate of about 14% between FY26 and FY28. The EBIT margin from the paperboards segment are seen being stable at 7.5%

"Earnings pressure on cigarettes would take away near-term catalysts," Motilal Oswal said while adding that the stock's valuations are comfortable. The brokerage maintained its "neutral" call on the stock but cut its target by 10% to INR 300 from INR 335. (Ruchira Kagita)

Equity Alert: Indices remain lower as US, Iran trade strikes; IT cos main drag

MUMBAI--1057 IST--Benchmark indices remained lower during early trade with less than 10 constituents in the Nifty 50 in the green. Fund managers attributed the fall in the indices to the recent escalation in the West Asia conflict. After Iran launched missiles at Kuwait and Bahrain, the US attacked Iran's Qeshm island. Subsequently, Brent Crude August futures rose 1% to $97 per barrel. The negative view surrounding large-cap stocks also dampened the sentiment on the Street. However, indices are expected to recover by the end of the session and end higher, according to a Mumbai-based fund manager. 

At 1055 IST, the Nifty 50 was at 23230.20, down 1.1%, while its peer, the BSE Sensex, was at 73816.43, down 1.1%. Broader market indices tracked the losses of their benchmark peers. The Nifty small-cap indices were down 0.7–1%, while the Nifty midcap indices were down 1–1.3%. All sectoral indices were down. The Nifty IT index snapped its three-session gaining streak and fell 4.6%. The index was the worst performer among sectoral peers, followed by the Nifty Realty index which was down 2.3%.

Information technology companies remained the main laggards in the Nifty 50 index after rising over the past few sessions. Tata Consultancy Services shed nearly 8% and was the worst-hit stock in the Nifty 50, Nifty 200, and Nifty 500 indices. Peers HCL Technologies, Infosys, and Tech Mahindra were down 4–5% in the Nifty 50, while Coforge, LTM, and Persistant Systems were down 4.5–7% and among the worst-hit in the Nifty 200 index.

Apollo Hospitals Enterprise rose 1.4% and was the highest gainer in the Nifty 50. Select automobile players such as Mahindra & Mahindra and Maruti Suzuki rose 0.2% and 0.7%, respectively, and were also among the gainers in the 50-stock index.

In the Nifty 200, power player NHPC rose nearly 5% and was the highest gainer after the government said it will exercise a greenshoe option to sell an additional 3% stake in the company through an offer for sale. The government had offered to sell up to 6% stake in NHPC through an offer for sale – a base issue of 3% and a greenshoe option of 3%.

Concord Biotech rose nearly 6% and was the highest gainer in the Nifty 500 index. The stock hit an over-three-month high at INR 1,264.90 during early trade. The company's Abbreviated New Drug Application for Mycophenolate mofetil USP received approval from the US Food and Drug Administration. (Shruti Nair)

Equity Alert: NHPC up 5%; govt to exercise full greenshoe option for co's OFS

MUMBAI--1030 IST--Shares of NHPC rose over 5% to an intraday high of INR 76.17 after the government decided to use the entire greenshoe option to sell an additional 3% stake in NHPC through an offer for sale. The OFS comprises a base issue of 3% and a greenshoe option of 3%. The retail investors can place their bids for an offer for sale in which the government will sell up to 6% stake in the company.  

Non-retail investors made their bids on Tuesday. "Offer for Sale in NHPC Ltd. received enthusiastic response from investors and was oversubscribed 3.47 times on the first day," Chawla said in a post on X. "Allocation will be on price priority basis." The floor price for the offer for sale has been fixed at INR 71 per share. Post the offer, the government's stake in the company will decline to 61.40% from 67.40%. 

At 1027 IST, NHPC's shares were trading 4.5% higher at INR 75.56. Nearly 87 million shares of the company changed hands on NSE, which is nearly two times higher than the number of shares traded till the same time Tuesday.  (Adhithya Aji)

Equity Alert: Mkts open lower amid escalating US-Iran war, tariff concerns 

MUMBAI--0945 IST--Benchmark indices opened lower Monday after the US and Iran launched fresh strikes on each other amid US President Donald Trump's comments that the peace talks were going on. Following the fresh escalation , the July Futures of Brent crude oil rose to nearly $97 per barrel. Also, the US Trade Representative has proposed an additional tariff of 12.5% on all countries that failed to impose a prohibition of the import of goods produced with forced labour, including India.

At 0940 IST, the Nifty 50 was at 23260.95, down 222.60 points or 1%, and the BSE Sensex was at 73815.20, down 834.64 points or 1.1%. Apollo Hospital Enterprises, Oil and Natural Gas Corp., Maruti Suzuki India, Bajaj Auto, and Coal India were the top gainers in the Nifty 50, up 1% each.  Tata Consumer Products, Adani Ports and Special Economic Zone, Nestle India, Asian Paints, and Bharti Airtel rose 0.1-0.5%.

Information technology companies were the major laggard in the indices Wednesday. Tata Consultancy Services, Tech Mahindra, Infosys, and HCL Technologies fell 3-6%. The American depository receipts of Wipro fell around 8% and those of Infosys fell over 2% overnight. ITC fell over 2%. Financial services companies Bajaj Finserv, Shriram Finance, Jio Financial Services, Bajaj Finance, and HDFC Life Insuranec Co. fell 1-2%. State Bank of India and Axis Bank were down over 2% each. Eternal fell 2%. 

All the broader market indices were in the red. The Nifty Smallcap indices declined 0.7-0.8%, and the Nifty Midcap indices fell around 1% each. All the sectoral indices were in the red as well. Among the sectoral indices, Nifty IT was the worst hit. It fell nearly 4% after rising for three consecutive sessions. 

NHPC was the top gainer among the Nifty 200 constituents, up over 4%. The stock rose after the government decided to exercise the entire green-shoe option of the company's offer for sale. Siemens Energy India rose over 3% and NMDC gained nearly 2% in the index. Meanwhile, information technology companies were the major laggards in both the Nifty 200 and Nifty 500 indices. LTM, TCS, and Persistent Systems fell 5-7% and were the worst hit stocks in both the Nifty 200 and Nifty 500.  (Adhithya Aji)

Equity Alert: To open lower Wed as crude oil prices surge to $97/bbl

MUMBAI--0830 IST--The domestic equity indices are expected to open a tad lower Wednesday as crude oil prices have surged on fresh US attacks on Iran. Oil prices rose to $97 per barrel from the previous session's low of $92 a barrel. According to various news reports, the US military's Central Command conducted "self-defence" strikes on Qeshm Island in Iran and "defeated multiple" Iranian missiles and drones, as civilian vessels and regional allies Kuwait and Bahrain came under attack.

US President Donald Trump reacted to the reports that negotiations with Iran to end the war have stalled, saying that "conversations between us have been going on continuously." According to a statement from the US military's Central Command, Iran had launched several ballistic missiles at regional neighbours, though none hit their intended targets, CNBC reported.

At 0830 IST, the Brent crude oil August futures contract was 1% higher at $96.86 per barrel. So far this week, oil prices have risen by over 6%.

Emkay Global Financial Services expects 13.8% earnings-per-share growth for the Nifty 50 in 2026–27 (Apr-Mar), after companies delivered strong earnings growth in the March quarter for a second consecutive quarter. "The internals of the results were encouraging, robust topline, strong broad-based growth, and healthy cash flows and balance sheets," the brokerage said in its India strategy report.

However, the brokerage flagged a slowing in capital expenditure to 9% on-year as a concern. It sees a strong earnings recovery setting the stage for a robust FY27 for Indian equities, while the continued war in West Asia, with an extended closure of the Strait of Hormuz for the next one to two months, poses a serious risk.

In another development, InterGlobe Aviation Tuesday said it planned to return one Boeing 787-9 Dreamliner to Norse Atlantic Airways. Due to ongoing international airspace constraints that have significantly increased flight durations and a challenging cost environment, the airline discontinued its flight operations to and from Manchester with effect from Aug. 31, the company said in a press release Tuesday. Shares of InterGlobe Aviation closed 0.3% higher Tuesday.

At 0831 IST, the June futures contract of GIFT Nifty was largely flat at 23483.50 points from its previous close. This was almost in line with the Nifty 50's Tuesday's close of 23483.55. "On the downside, immediate support is placed at 23420 (level)," Rupak De, senior technical analyst at LKP Securities, said. "A breach below this level could trigger another decline towards 23200. On the upside, resistance is positioned around 23600."

Barring the IDX Composite and Hang Seng Index, all major Asian indices were higher in early trade. Japan's Nikkei 225 and Taiwan's TAIEX were the biggest gainers, up over 2% each. All three major US indices settled higher on Tuesday.  (Arundathi A R)

Equity Alert: Most indices in Asia up, Japan's Nikkei 225 hits new high

MUMBAI--0815 IST--Indices gained Wednesday even as war between the US and Iran escalated, posing fresh challenge to a peace deal. Japan's benchmark Nikkei 225 index advanced almost 3% to hit a new record high and breach the 68000 mark for the first time. Technology stocks continued to drive indices higher. In Japan, heavyweights Advantest Corp. gained more than 5% and Tokyo Electron almost 12%.

Hong Kong's Hang Seng was the only major index declining in the region, down 1.3%. In China, the SSE Composite and the CSI 300 were up 0.3% and 0.9%, respectively. South Korea's KOSPI was closed Wednesday for local elections. 

On the macroeconomic front, Australia's GDP expanded 0.3% for the March quarter, lower than expectations. Reuters had polled a 0.5% increase for the quarter. "Modest growth reflects subdued household and government consumption, and adverse weather impacts that hampered mining production and exports," the Australian Bureau of Statistics said in a press release. On an annualised basis, GDP grew 2.5%. 

The following were the levels of major Asian indices at 0815 IST:

(Ruchira Kagita)

Equity Alert: US indices end higher, most S&P 500 sector indices gain

MUMBAI--0740 IST--All three US indices ended in the green Tuesday as optimism around artificial intelligence continued to drive stocks up. Only four of 11 major S&P 500 sectors declined. However, gains were limited as investors were on edge amid fresh strikes between the US and Iran.

"Iran launched several ballistic missiles toward regional neighbors; however, all failed to hit their intended targets. Two Iranian missiles fired at Kuwait fell short or broke apart enroute, and three missiles launched at Bahrain were immediately intercepted by U.S. and Bahrain air defense forces," the US Central Command said in a statement. 

Among some stand-out shares were Marvell Technology. The company's shares soared more than 32% after Nvidia Corp. Chief Executive Officer Jensen Huang called it the next "trillion-dollar company". Broadcom rose over 4% to touch a record high a day ahead of its earnings for the quarter ended April. In other news, Google parent Alphabet revealed plans to raise $80 billion to expand infrastructure for artificial intelligence and computing. The company also said it will sell $10 billion in stock to Berkshire Hathaway in a private placement. Shares of Alphabet fell almost 4%.

Meanwhile, US job openings rose 4.6% in April to 7.6 million, up from the upwardly revised 6.9 million in March. This is the highest rise in nearly two years. Meanwhile, the hiring rate fell to 3.2% in April from 3.5% in March. "For now, the labor market remains mostly stable. With the quits rate and the layoff rate ticking down in April, neither employees nor employers are in a hurry to make moves." CNBC quoted Matthew Martin, senior US economist at Oxford Economics, as saying in a note.

The following were the closing levels of major US indices on Tuesday:

(Ruchira Kagita)

US$1 = INR 95.78

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Deepshikha Bhardwaj

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

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